H. Rept. 115-414 1 (2017-11-16)

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                     115TH CONGRESS                                           REPORT
                        1st Session     HOUSE OF REPRESENTATIVES              115-414







                        FINANCIAL INSTITUTION CUSTOMER PROTECTION ACT
                                                   OF 2017



                       NOVEMBER 16, 2017.-Committed to the Committee of the Whole House on the
                                     State of the Union and ordered to be printed



                         Mr. HENSARLING, from the Committee on Financial Services,
                                           submitted the following


                                               REPORT

                                             [To accompany H.R. 2706]

                               [Including cost estimate of the Congressional Budget Office]

                       The Committee on Financial Services, to whom was referred the
                     bill (H.R. 2706) to provide requirements for the appropriate Federal
                     banking agencies when requesting or ordering a depository institu-
                     tion to terminate a specific customer account, to provide for addi-
                     tional requirements related to subpoenas issued under the Finan-
                     cial Institutions Reform, Recovery, and Enforcement Act of 1989,
                     and for other purposes, having considered the same, report favor-
                     ably thereon with an amendment and recommend that the bill as
                     amended do pass.
                       The amendment is as follows:
                       Strike all after the enacting clause and insert the following:
                     SECTION 1. SHORT TITLE.
                       This Act may be cited as the Financial Institution Customer Protection Act of
                     2017.
                     SEC. 2. REQUIREMENTS FOR DEPOSIT ACCOUNT TERMINATION REQUESTS AND ORDERS.
                       (a) TERMINATION REQUESTS OR ORDERS MUST BE VALID.-
                          (1) IN GENERAL.-An appropriate Federal banking agency may not formally
                        or informally request or order a depository institution to terminate a specific
                        customer account or group of customer accounts or to otherwise restrict or dis-
                        courage a depository institution from entering into or maintaining a banking re-
                        lationship with a specific customer or group of customers unless-
                              (A) the agency has a valid reason for such request or order; and
                              (B) such reason is not based solely on reputation risk.
                          (2) TREATMENT OF NATIONAL SECURITY THREATS.-If an appropriate Federal
                        banking agency believes a specific customer or group of customers is, or is act-
                        ing as a conduit for, an entity which-
                              (A) poses a threat to national security;
                              (B) is involved in terrorist financing;
                        79-006

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